.jpg)
The Intellectual Property Office of Singapore (IPOS) has announced that it will sign a memorandum of understanding (MoU) with Lloyd’s Asia to assist businesses in maximising and protecting their IP.
Last year, IPOS and Makara Capital collaborated to create the Makara Innovation Fund, which will help provide innovative enterprises with capital to scale up. But, according to IPOS, IP and intangible asset-driven growth presents new types of risk that need to be managed differently.
This led to the partnership with specialist insurance marketplace Lloyd’s Asia, which will help address innovative businesses’ needs through IP insurance, which protects their intangible assets and intellectual properties. It will harness Lloyd’s global network and expertise in specialist insurance to create new IP insurance products from Singapore, which will help businesses to grow globally and with confidence.
Under the MoU, Lloyd’s Asia will work with IPOS to introduce IP insurance products which will cater to the needs of enterprises in attracting capital, averting business interruption, and strengthening negotiating positions when they use IP in the course of their business.
“Intangible assets such as IP now account for a significant share of corporate value for many companies,” said Angela Kelly, country manager of Lloyd’s Asia. “Businesses can safeguard this highly valuable asset through IP insurance to help mitigate the risks of IP infringement, including defraying legal costs of possible subsequent IP rights enforcement. In 2016, there were over 50,000 trademark registrations and over 7,000 patent registrations in Singapore alone. As companies in Asia continue their pursuit and development of innovative ideas and solutions, the potential for IP insurance will grow in tandem in the region.”
Both parties will jointly organise a series of seminars reaching out to 100 companies over the next two years to promote Singapore as a centre of excellence for IP commercialisation, IP rights protection, and the availability of underwriting expertise for IP insurance.
“The collaboration between IPOS and Lloyd’s Asia reinforces Singapore’s position as Asia’s leading specialty insurance hub,” said Ng Yao Loong, assistant managing director of the, Monetary Authority of Singapore’s development and international group. “This development in IP insurance is a good reflection of how our insurance sector is innovating and creating solutions to help Asian enterprises better manage their risks.”
